How to Deal with Scam

Richard Schueler Guides How to Avoid Crypto Scams

As Thanksgiving dinner happens every year, most of us perform several feats to make it through the meal devoid of incidents. Whether it’s guiding the discussion away from politics, closing the airing of complaints, or nodding your way via someone’s long-winded explanation of a get-rich-quick scheme, remaining polite and beloved by your dear ones is the eventual goal.

Aside from explaining what digital currencies are, Richard Schueler says that by showing people how to buy Bitcoin, and teaching them how to manage their cryptocurrency, he also found himself cautioning everyone about crypto scams. As with any trending new thing, some people want to make a buck from it by any means essential. Remember that with just a few clicks, you can misplace your life savings on a cartoon pup or a fake coin tied to the latest popular streaming TV show.

Just as with any other popular investment, there are thieves looking to profit from investors’ eagerness to earn and their lack of skill. Cryptocurrencies particularly bitcoin have produced returns that FTSE investors can only dream of. But this attracts fraudsters who are keen to capitalize on the high investment returns naturally coupled with people’s lack of knowledge. This is because cryptocurrency is a complex idea and much of the industry sits in a regulatory grey area. 

Cryptocurrency is perhaps secure, mathematically. Transactions involving digital currencies are stored in blocks that are connected together in a chain. Once a block has been added to the end of the chain, it cannot be removed or undone. All the computers that secure the network share a golden copy of the correct ledger of transactions. They are rewarded in a blockchain’s internal currency, such as ether or bitcoin, for keeping it safe and up to date. 
But that is not the question that most investors are asking. Crypto has been widely used as a payment method for scams, misdeeds, and ransom demands.

Before you plan to put your money into a cryptocurrency, keep in mind that those markets are unstable, and once your money has vanished, it is disappeared. The protections in place for fiat currencies do not exist for cryptocurrencies.

  • Treat anyone who gets in touch with you directly to ask for payments in cryptocurrency or offers you an investment opportunity about crypto with extreme caution. Do not trust emails even if they appear to be from public figures, government officials, —anyone who asks you to pay for anything using cryptocurrency.
  • It can be tough to ignore advice from influencers and billionaires online, but you must do your research before investing when it comes to your money. Start to Begin with the guide to buying, selling, and managing Bitcoin. Do not take any information online at face value. If an investment sounds too good to be true, it is possibly a scam.
  • You possibly have stories about people who lost at least a few Bitcoins because of losing control of their virtual wallets. If you do own cryptocurrencies, never share your seed phrase or private key with anyone. Instead, Richard Schueler recommends storing that information somewhere offline.
  • Keep an eye on the URL for the portals you visit associated with crypto. Many phishing scammers copy the URL of legal sites and swap out letters or numbers. You also want to make sure the site is secure, so look for the little lock symbol next to the URL. Remember to turn on your antivirus software. The best antivirus tested looks out for phishing scams on your behalf and also blocks malevolent URLs.
  • Use multi-factor authentication on your crypto wallet to try to keep the bad guys out. It’s not a sure-fire solution, as people learned after the Coinbase hack but it offers you a fighting chance against several attackers.
  • You may find crypto offers that necessitate an up-front fee. Reject them all, and particularly avoid “offers” involving a fee to be paid in cryptocurrency. Most of the investment opportunities in the crypto realm are scams. Before investing anything, you should check the company’s website to find out how they guard their customers and look for reviews from other investors.

These are some of the simple ways using which you can avoid crypto scams.